31,137 Shares in Ferrari N.V. $RACE Acquired by Cibc World Market Inc.

Key Points

• Cibc World Market Inc. acquired 31,137 Ferrari shares during the second quarter, valued at approximately $11.5 million. Several other institutional investors also initiated positions in Ferrari.
• Ferrari exceeded quarterly expectations, reporting $2.99 EPS on $2.21 billion in revenue; revenue increased 8.4% year over year. Analysts expect full-year EPS of $11.18.
• Ferrari shares opened at $424.31, while analysts maintained a “Moderate Buy” consensus rating with an average price target of $477.15.

Cibc World Market Inc. acquired a new stake in Ferrari N.V. (NYSE:RACE - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 31,137 shares of the company's stock, valued at approximately $11,534,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. OMERS ADMINISTRATION Corp acquired a new stake in Ferrari in the second quarter valued at $6,501,000. Osmosis Investment Management UK Ltd purchased a new position in Ferrari in the 2nd quarter valued at about $1,200,000. Sanctuary Advisors LLC purchased a new position in shares of Ferrari during the second quarter valued at approximately $3,556,000. Saranac Partners Ltd acquired a new stake in shares of Ferrari during the second quarter worth $289,000. Finally, First Nebraska Trust Co acquired a new stake in Ferrari in the 2nd quarter worth about $1,340,000.

Ferrari Price Performance

Shares of NYSE:RACE opened at $424.31 on Tuesday. The firm's 50 day moving average is $385.77 and its two-hundred day moving average is $361.05. The company has a current ratio of 4.85, a quick ratio of 3.70 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $99.27 billion, a P/E ratio of 39.39, a PEG ratio of 3.75 and a beta of 0.91. Ferrari N.V. has a 52 week low of $312.51 and a 52 week high of $504.49.

Ferrari (NYSE:RACE - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The company reported $2.99 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.83 by $0.16. The company had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.14 billion. Ferrari had a return on equity of 42.83% and a net margin of 22.29%.The firm's quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.38 EPS. Analysts anticipate that Ferrari N.V. will post 11.18 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RACE. Needham & Company LLC raised shares of Ferrari to a "neutral" rating in a research note on Friday, July 31st. Sanford C. Bernstein increased their price objective on shares of Ferrari from $402.00 to $460.00 and gave the company an "outperform" rating in a research report on Friday, July 31st. Citigroup reaffirmed a "neutral" rating on shares of Ferrari in a research report on Monday, August 3rd. Evercore reaffirmed an "outperform" rating and issued a $485.00 price target on shares of Ferrari in a report on Friday, July 31st. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ferrari in a report on Wednesday, July 8th. Three analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $477.15.

About Ferrari

Ferrari N.V. NYSE: RACE is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company's core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.

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